
Due to the continuous increase in the prices of petrol and diesel, the government is under great pressure to cut their prices. To get relief from their increased prices, there is a demand to bring them under the purview of GST. Recently, the Prime Minister and then the Chief Economic Advisor Krishnamurthy Subramaniam also advised to bring it under the purview of GST. Before this, Petroleum Minister Dharmendra Pradhan has also suggested this. However, Finance Minister Nirmala Sitharaman has described it as religious. Now SBI economist Soumikanti Ghosh has said that after being brought under the ambit of GST, the price of petrol and diesel can come to Rs. 68.
Petrol and diesel fall in GST, 0.4% loss to GDP
Saumyakanti Ghosh has said in his assessment that petrol and diesel and the state governments will only incur a revenue loss of one lakh crore rupees which will be 0.4 percent of GDP. This assessment has been done based on the price of crude oil in the international market at $ 60 per barrel and a dollar-rupee exchange rate of 73 rupees per dollar. Both the central and state governments impose their tax on petrol and diesel. States apply VAT on petrol and diesel as per their requirement. The center imposes excise duty. With this, the center's cess is put on it. In some parts of the country, the price of petrol has reached 100 rupees a liter.
Saudi Arabia turned down India's request
Meanwhile, OPEC has ignored India's plea to lift applicable controls on crude oil production. At the same time, there has been an increase in the price of crude oil in the international market. Saudi Arabia has told India that it can use the crude oil it bought at the time when the price of crude oil went down significantly last year. Brent crude oil, which is the most used crude oil, rose nearly one percent to $ 67.44 a barrel on Friday.
Petroleum Minister Dharmendra Pradhan appealed to OPEC countries to reduce the restrictions imposed on production to bring stability in the price of crude oil. He believed that due to the rising crude oil prices in the international market, both the improvement in the economic sector and the demand are having a bad effect.
The World Health Organization (WHO) has asked all countries to share information related to the o
A new president will be elected today in financially bankrupt Sri Lanka. Secret voting will be he
The question of marriage came up during Rahul Gandhi's Bharat Jodo Yatra. The answer was very int
The budget session of the Parliament is going to start today. The budget session will be held in
KCET Registration 2022: Registration process will start today, apply for KCET here
KCET Exam 2022: The application forms for the Karnataka Common Entrance Test (KCET 2022) will be
Why did India and Pakistan come on a line in the UN over Russia?
In the United Nations General Assembly (UNGA), a resolution condemning the attack on Ukraine agai
Pakistan is preparing to infiltrate terrorists along the International Border in Jammu and do nef
The meeting of foreign ministers of G20 countries has started in Delhi. Representatives of 20 maj
The effect of the atmosphere of concern created around the world regarding the new variant of Cor
It has been almost two months since the Russo-Ukraine war. Meanwhile, General Mikhail Mijitsev of